With nearly $10 billion lost to scams last year, major crypto platforms are moving to show they can do more to protect users.
Two of the biggest names, Bybit and Nexo, have each rolled out new security tools aimed at blunting the impact of fraud that continues to plague digital assets.
Different Tactics, Same Goal
Bybit has zeroed in on the problem of stolen funds flowing into its platform. Instead of waiting for legal action, it has created a private reporting line for its top-tier clients, giving them direct access to the exchange’s internal security team. Cases are reviewed around the clock, and accounts can be restricted within hours to preserve evidence before police are involved.
Nexo, meanwhile, is trying to stop scams at the point of transaction. Its upgraded Anti-Scam Engine works quietly in the background, analyzing behavior across multiple blockchains. If something looks suspicious, clients are prompted to double-check before sending funds — and in rare cases, the system can temporarily halt a transfer until it is reviewed.
Bybit’s portal is currently reserved for VIP users but may expand to retail traders if testing proves successful. Nexo’s tool has already gone live on networks including Ethereum, Polygon, BNB Chain, and Arbitrum, with Bitcoin, Solana, Tron, and XRP next in line.
Pressure to Act
Both companies acknowledge that scams are getting more sophisticated, from romance schemes to “pig butchering” campaigns that drag on for months. Regulators have also turned up the heat, pressing exchanges to show they can prevent abuse before it spirals into billion-dollar losses.
Bybit’s David Zong said the company wants to move faster than law enforcement can, while Nexo’s Elitsa Taskova argued that protection should feel invisible until it’s needed. Different philosophies, but the same message: crypto platforms can’t afford to leave their users exposed.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/bybit-and-nexo-launch-tools-to-fight-10b-scam-crisis/